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~. . .... . . . registered owner or by his or her duly authorized attorney-in-fact or legal representative. No Bond may be registered to bearer. New Bonds delivered upon any transfer or exchange shall be valid obligations of the City, evidencing the same debt as the Bonds surrendered, shall be secured by this Ordinance and entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. 10. Charges for Exchange or Transfer. No charge shall be made for any exchange or transfer of Bonds, but the City may require payment by the registered owner of any Bond of a sum sufficient to cover any tax or other governmental charge which may be imposed with respect to the transfer or exchange of such Bond. 11. Refunding of Prior Bonds. If it is determined by the City Manager and the Chief Financial Officer, or either of them, to be in the best interest of the City, the City Manager and the Chief Financial Officer, or either of them, is authorized to (a) approve the issuance of the Refunding Bonds and the aggregate principal amount of such Refunding Bonds (not to exceed the maximum amounts set forth in paragraph 1) sufficient to provide for the redemption or payment at maturity of such maturities of the Prior Bonds as such officer or officers may determine and to provide for the redemption of the Prior Bonds and (b) enter into one or more escrow agreements with one or more escrow agents to be selected by the Chief Financial Officer (the "Escrow Agents") providing for the deposit and investment of such portion of the proceeds of the Refunding Bonds to be applied to the payment of such Prior Bonds to be redeemed on the earliest redemption date or at maturity, as appropriate. The Escrow Agents or such other party as the Chief Financial Officer may designate, are hereby authorized to subscribe and purchase